Offset

A bit of strength in the Rockies and New England citygates was more than offset by flat to mostly moderate year-end declines in other markets Monday. Although some of the softer points saw double-digit dips, a majority fell by less than a dime.

Dynegy Inc.’s new-and-improved business plan is not enough cashflow wise to fully offset the massive amount of debt leveraging that carried over from its former business strategy, according to an analyst with Standard & Poor’s Ratings Services (S&P). The ratings agency last Tuesday cut the company and its subsidiaries another notch, to “B” from “B+”.

Dynegy Inc.’s new-and-improved business plan is not enough cash-flow wise to fully offset the massive amount of debt leveraging that carried over from its former business strategy, according to an analyst with Standard & Poor’s Ratings Services (S&P). The ratings agency on Tuesday cut the company and its subsidiaries another notch, to “B” from “B+”.

Pockets of flat to moderately higher prices in the West were more than offset Thursday by occasionally flat but mostly lower numbers elsewhere. Most of the losses were around a dime or less, but ranged as high as 15-25 cents at Northeast citygates.

A 17% increase in production in the second quarter 2002 wasn’t enough to offset “vertically challenged” Rockies prices for Tom Brown Inc. (TBI), which reported net income of $4.8 million or $0.12 per diluted share as compared to $26.2 million or $0.65 per diluted share during the same period of the prior year.

A 17% increase in production in the second quarter 2002 wasn’t enough to offset “vertically challenged” Rockies prices for Tom Brown Inc. (TBI), which reported net income of $4.8 million or $0.12 per diluted share as compared to $26.2 million or $0.65 per diluted share during the same period of the prior year.

Marking its first petition for a rate increase in seven years, Progress Energy subsidiary, NCNG, said Monday that it has filed with the North Carolina Utilities Commission (NCUC), seeking an increase in natural gas service rates for its customers. The company said it is seeking to recover the cost of serving its 176,000 residential, commercial, industrial and municipal customers.